Industrial and Commercial Bank of China Limited Selects BNY Mellon Asset Servicing as Overseas Custodian of China Southern's QDII Fund

Industrial and Commercial Bank of China Limited Selects BNY Mellon Asset Servicing as Overseas Custodian of China Southern's QDII Fund

November 12, 2007

    HONG KONG, Nov. 12 /Xinhua-PRNewswire/ -- BNY Mellon
Asset Servicing, a global leader in securities servicing,
has been appointed by the Industrial and Commercial Bank of
China Limited (ICBC) as Overseas Custodian for its record
breaking Qualified Domestic Institutional Investor (QDII)
fund in China.  

    This mandate was won in partnership with BNY Mellon
Asset Management, who has been appointed to provide
sub-advisory services in relation to China Southern's QDII
fund mandated by China Southern Fund Management Co. Ltd
(China Southern). China Southern's QDII fund launched at a
capped US$4 billion in assets having received US$6.5
billion in subscriptions from Chinese investors. 

    The QDII programme enables Chinese investors to access
foreign fund management capabilities. China Southern, the
first regulated fund management company in China, was
amongst the first Chinese asset management companies to be
authorised to develop and market QDII products. A leading
selection of BNY Mellon Asset Management investment
subsidiaries are the sub-advisors to China Southern on this
mandate, which gives global equity exposure with alpha
generated from asset allocation, stock selection, and long
only fund selection.

    Dr. Zhou Yueqiu, general manager of the Asset Custody
Department at ICBC, said: "BNY Mellon Asset Servicing
is the leading global custodian and fund administrator to
QDII funds in China. We selected BNY Mellon Asset Servicing
as overseas custodian to ensure that QDII funds would
receive the highest standards of efficiency and
capability."

    Chong Jin Leow, head of Asia at BNY Mellon Asset
Servicing, said: "We are extremely pleased to support
the continued development of the QDII market in China. Our
partnership with China Southern and ICBC to bring their
highly successful QDII product to market highlights the
time, effort and support we are dedicating to this
important market segment."

    The Bank of New York Mellon Corporation is a global
financial services company focused on helping clients
manage and service their financial assets, operating in 34
countries and serving more than 100 markets. The company is
a leading provider of financial services for institutions,
corporations and high-net-worth individuals, providing
superior asset management and wealth management, asset
servicing, issuer services, clearing services and treasury
services through a worldwide client-focused team. It has
more than $20 trillion in assets under custody and
administration, more than $1.1 trillion in assets under
management and services $11 trillion in outstanding debt. 
Additional information is available at bnymellon.com.

    Notes to editors:  BNY Mellon Asset Servicing offers
clients worldwide a broad spectrum of specialised asset
servicing capabilities, including custody and fund
services, securities lending, performance and analytics,
and execution services. BNY Mellon Asset Servicing provides
services through The Bank of New York, Mellon Bank, N.A. and
other related companies.




    For more information, please contact:  

     Louisa Bartoszek 
     BNY Mellon Asset Servicing, 
     Tel:   [phone]
     Email: [e-mail] 
     Web:   http://www.bnymellon.com